odisha: Odisha cuts VAT on petrol, diesel by Rs 3 per litre

odisha: Odisha cuts VAT on petrol, diesel by Rs 3 per litre

A day after the Centre slashed excise duty on fuel, the Odisha government on Thursday announced VAT reduction of Rs 3 per litre on both petrol and diesel, to be applicable in the coastal state from the midnight of November 5. Maintaining that the move was aimed at providing relief to common people, who were distressed by the relentless hike in fuel prices, a statement issued by Chief Minister Naveen Patnaik’s office said that the state exchequer will incur an annual loss of Rs 1,400 crore owing to its decision.

This would be in addition to the loss of Rs 700 the state would face due to the excise duty reduction by the central government, it said.

Overall, the state would lose approximately Rs 2,000 crore annually, the statement underlined.

Once the new rates are applicable, diesel price per litre will go below Rs 100, while petrol will be available at a little over Rs 100, it added.

As of Thursday, with the implementation of Centre’s excise duty cut, petrol costs Rs 104.91 per litre in Odisha and diesel is priced at Rs 94.51.

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